http://www.legislation.gov.uk/uksi/2021/716/contents/2021-07-08The Payment and Electronic Money Institution Insolvency Regulations 2021enFINANCIAL SERVICES AND MARKETSStatute Law Database2024-05-20Expert Participation2021-07-08 These Regulations establish a new insolvency procedure to be known as payment institution special administration or electronic money institution special administration (as the case may be) to operate as an alternative to the liquidation or administration of those institutions under the Insolvency Act 1986 (c. 45) (see regulations 7 to 47 and Schedules 1 to 4). The Payment and Electronic Money Institution Insolvency Regulations 2021 The Payment and Electronic Money Institution Insolvency Regulations 2021 1Citation 2Commencement 3Extent 4Overview 5Application: Scottish LLPs and partnerships 6Definitions 7Special administration order 8Application for order 9Grounds for applying 10Powers of the court 11Notice to FCA: other proceedings 12Special administration objectives 13Objective 1: initial reconciliation 14Objective 1: constitution of asset pool 15Objective 1: monitoring and maintaining asset pool 16Objective 1: post-administration receipts 17Objective 1: determining claim entitlements 18Objective 1: principles of distribution 19Objective 1: shortfalls in asset pool 20Objective 1: bar date 21Objective 1: hard bar date 22Objective 1: hard bar date: powers of the court 23Objective 1: interest on relevant funds claims 24Objectives 1 and 3: transfer arrangements: overview 25Objectives 1 and 3: TAs: Conditions 1 to 3 26Objectives 1 and 3: TAs: effect 27Objectives 1 and 3: TAs: novation of contracts 28Objectives 1 and 3: TAs: disclosure of information 29Objectives 1 and 3: PPTAs: Condition 4 and restrictions 30Objectives 1 and 3: PPTAs: reverse transfers 31Objectives 1 and 3: PPTAs: set-off and netting 32Objectives 1 and 3: PPTAs: security interests 33Objectives 1 and 3: PPTAs capital markets arrangements 34Objectives 1 and 3: PPTAs: financial markets 35Objective 2: engagement: payment systems, market disruption and consumer protection 36Continuity of supply 37Application of the IA 1986 38FCA direction 39Administrator’s proposals in the event of FCA direction 40Revision of proposals in the event of FCA direction 41FCA direction withdrawn 42Safeguarding failures: costs of the administration 43Successful rescue 44Dissolution or voluntary arrangement 45Special administration order as an alternative order 46Disqualification of directors 47Further provision on special administration: schedules 48FSMA 2000, Pt 24: application to payment and electronic money institution insolvency except special administration 49Correction of defect in instrument relating to the UK’s withdrawal from the EU and bank recovery and resolution SCHEDULE 1How special administration applies to English/Welsh LLPs1This Schedule makes provision about how special administration applies to...2In this Schedule, the “LLPR 2001” means the Limited Liability...3The provisions of the IA 1986 mentioned in the first...4The CDDA 1986 as applied and modified by these Regulations...5The following legislation applies to institutions which are formed as... SCHEDULE 2How special administration applies to English/Welsh partnerships1This Schedule makes provision about how special administration applies to...2In this Schedule, the “IPO 1994” means the Insolvent Partnerships...3Where an institution is formed as a partnership, then— 4Table 2 sets out— (a) in the first column, versions...5Each IPO 1994 version in the first column of Table...6Where there is an entry for an IPO 1994 version...7Article 16 of the IPO 1994 applies to an institution...8The general modifications are— (i) references to a provision of...9Article 18 of and Schedule 10 to the IPO 1994... SCHEDULE 3Further provision about how other legislation applies to companies in special administration1Introduction2General modifications3References to— (a) a Schedule B1 administrator are to be...4Pensions Act 20045CA 20066Land Registration Rules 2003 SCHEDULE 4Consequential amendmentsPART 1Primary legislation1The Companies Act 19852The Finance Act 19863The Third Parties (Rights against Insurers) Act 2010PART 2Secondary legislation4The EMR 20115The IBSAR 20116The PSR 2017 2021 No. 716 Financial Services And Markets The Payment and Electronic Money Institution Insolvency Regulations 2021 Made 17th June 2021 Coming into force 8th July 2021

The Treasury make these Regulations in exercise of the powers conferred by— a sections 233 and 234 of the Banking Act 2009 as applied and modified by regulation 24A of, and paragraphs 2 and 3 of Schedule 2ZA to, the Electronic Money Regulations 2011 (“EMR 2011”) and regulation 23A of, and paragraphs 2 and 3 of Schedule 3A to, the Payment Services Regulations 2017 (“PSR 2017”), and section 259(1) of that Act, and b in respect of regulation 49 (and regulations 1 to 4 so far as they relate to regulation 49), section 8(1) of, and paragraph 21 of Schedule 7 to, the European Union (Withdrawal) Act 2018.

The Treasury have consulted in accordance with section 235(3) of the Banking Act 2009 as applied and modified by regulation 24A of, and paragraph 4 of Schedule 2ZA to, the EMR 2011 and regulation 23A of, and paragraph 4 of Schedule 3A to, the PSR 2017.

A draft of these Regulations has been laid before and approved by a resolution of each House of Parliament in accordance with section 235(2) of the Banking Act 2009 as applied and modified by regulation 24A of, and paragraph 4 of Schedule 2ZA to, the EMR 2011 and regulation 23A of, and paragraph 4 of Schedule 3A to, the PSR 2017, and paragraph 1(3) of Schedule 7 to the European Union (Withdrawal) Act 2018.
2009 c. 1. S.I. 2011/99. Regulation 24A and Schedule 2ZA were inserted by S.I. 2020/1275. S.I. 2017/752. Regulation 23A and Schedule 3A were inserted by S.I. 2020/1275. 2018 c. 16.
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<ContentsNumber>23</ContentsNumber>
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<ContentsNumber>24</ContentsNumber>
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<ContentsNumber>25</ContentsNumber>
<ContentsTitle>Objectives 1 and 3: TAs: Conditions 1 to 3</ContentsTitle>
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<ContentsNumber>26</ContentsNumber>
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<ContentsNumber>27</ContentsNumber>
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<ContentsNumber>28</ContentsNumber>
<ContentsTitle>Objectives 1 and 3: TAs: disclosure of information</ContentsTitle>
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<ContentsNumber>29</ContentsNumber>
<ContentsTitle>Objectives 1 and 3: PPTAs: Condition 4 and restrictions</ContentsTitle>
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<ContentsItem ContentRef="regulation-30" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/regulation/30" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/regulation/30/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>30</ContentsNumber>
<ContentsTitle>Objectives 1 and 3: PPTAs: reverse transfers</ContentsTitle>
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<ContentsNumber>31</ContentsNumber>
<ContentsTitle>Objectives 1 and 3: PPTAs: set-off and netting</ContentsTitle>
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<ContentsNumber>32</ContentsNumber>
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<ContentsNumber>33</ContentsNumber>
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</ContentsItem>
<ContentsItem ContentRef="regulation-34" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/regulation/34" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/regulation/34/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>34</ContentsNumber>
<ContentsTitle>Objectives 1 and 3: PPTAs: financial markets</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="regulation-35" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/regulation/35" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/regulation/35/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>35</ContentsNumber>
<ContentsTitle>Objective 2: engagement: payment systems, market disruption and consumer protection</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="regulation-36" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/regulation/36" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/regulation/36/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>36</ContentsNumber>
<ContentsTitle>Continuity of supply</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="regulation-37" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/regulation/37" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/regulation/37/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>37</ContentsNumber>
<ContentsTitle>Application of the IA 1986</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="regulation-38" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/regulation/38" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/regulation/38/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>38</ContentsNumber>
<ContentsTitle>FCA direction</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="regulation-39" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/regulation/39" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/regulation/39/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>39</ContentsNumber>
<ContentsTitle>Administrator’s proposals in the event of FCA direction</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="regulation-40" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/regulation/40" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/regulation/40/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>40</ContentsNumber>
<ContentsTitle>Revision of proposals in the event of FCA direction</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="regulation-41" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/regulation/41" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/regulation/41/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>41</ContentsNumber>
<ContentsTitle>FCA direction withdrawn</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="regulation-42" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/regulation/42" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/regulation/42/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>42</ContentsNumber>
<ContentsTitle>Safeguarding failures: costs of the administration</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="regulation-43" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/regulation/43" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/regulation/43/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>43</ContentsNumber>
<ContentsTitle>Successful rescue</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="regulation-44" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/regulation/44" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/regulation/44/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>44</ContentsNumber>
<ContentsTitle>Dissolution or voluntary arrangement</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="regulation-45" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/regulation/45" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/regulation/45/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>45</ContentsNumber>
<ContentsTitle>Special administration order as an alternative order</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="regulation-46" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/regulation/46" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/regulation/46/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>46</ContentsNumber>
<ContentsTitle>Disqualification of directors</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="regulation-47" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/regulation/47" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/regulation/47/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>47</ContentsNumber>
<ContentsTitle>Further provision on special administration: schedules</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="regulation-48" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/regulation/48" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/regulation/48/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>48</ContentsNumber>
<ContentsTitle>FSMA 2000, Pt 24: application to payment and electronic money institution insolvency except special administration</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="regulation-49" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/regulation/49" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/regulation/49/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>49</ContentsNumber>
<ContentsTitle>Correction of defect in instrument relating to the UK’s withdrawal from the EU and bank recovery and resolution</ContentsTitle>
</ContentsItem>
<ContentsSchedules>
<ContentsSchedule ContentRef="schedule-1" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/schedule/1" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/schedule/1/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>SCHEDULE 1</ContentsNumber>
<ContentsTitle>How special administration applies to English/Welsh LLPs</ContentsTitle>
<ContentsItem ContentRef="schedule-1-paragraph-1" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/schedule/1/paragraph/1" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/schedule/1/paragraph/1/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>1</ContentsNumber>
<ContentsTitle Generated="true">This Schedule makes provision about how special administration applies to...</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="schedule-1-paragraph-2" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/schedule/1/paragraph/2" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/schedule/1/paragraph/2/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>2</ContentsNumber>
<ContentsTitle Generated="true">In this Schedule, the “LLPR 2001” means the Limited Liability...</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="schedule-1-paragraph-3" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/schedule/1/paragraph/3" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/schedule/1/paragraph/3/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>3</ContentsNumber>
<ContentsTitle Generated="true">The provisions of the IA 1986 mentioned in the first...</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="schedule-1-paragraph-4" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/schedule/1/paragraph/4" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/schedule/1/paragraph/4/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>4</ContentsNumber>
<ContentsTitle Generated="true">The CDDA 1986 as applied and modified by these Regulations...</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="schedule-1-paragraph-5" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/schedule/1/paragraph/5" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/schedule/1/paragraph/5/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>5</ContentsNumber>
<ContentsTitle Generated="true">The following legislation applies to institutions which are formed as...</ContentsTitle>
</ContentsItem>
</ContentsSchedule>
<ContentsSchedule ContentRef="schedule-2" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/schedule/2" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/schedule/2/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>SCHEDULE 2</ContentsNumber>
<ContentsTitle>How special administration applies to English/Welsh partnerships</ContentsTitle>
<ContentsItem ContentRef="schedule-2-paragraph-1" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/schedule/2/paragraph/1" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/schedule/2/paragraph/1/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>1</ContentsNumber>
<ContentsTitle Generated="true">This Schedule makes provision about how special administration applies to...</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="schedule-2-paragraph-2" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/schedule/2/paragraph/2" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/schedule/2/paragraph/2/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>2</ContentsNumber>
<ContentsTitle Generated="true">In this Schedule, the “IPO 1994” means the Insolvent Partnerships...</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="schedule-2-paragraph-3" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/schedule/2/paragraph/3" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/schedule/2/paragraph/3/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>3</ContentsNumber>
<ContentsTitle Generated="true">Where an institution is formed as a partnership, then— </ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="schedule-2-paragraph-4" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/schedule/2/paragraph/4" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/schedule/2/paragraph/4/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>4</ContentsNumber>
<ContentsTitle Generated="true">Table 2 sets out— (a) in the first column, versions...</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="schedule-2-paragraph-5" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/schedule/2/paragraph/5" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/schedule/2/paragraph/5/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>5</ContentsNumber>
<ContentsTitle Generated="true">Each IPO 1994 version in the first column of Table...</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="schedule-2-paragraph-6" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/schedule/2/paragraph/6" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/schedule/2/paragraph/6/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>6</ContentsNumber>
<ContentsTitle Generated="true">Where there is an entry for an IPO 1994 version...</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="schedule-2-paragraph-7" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/schedule/2/paragraph/7" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/schedule/2/paragraph/7/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>7</ContentsNumber>
<ContentsTitle Generated="true">Article 16 of the IPO 1994 applies to an institution...</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="schedule-2-paragraph-8" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/schedule/2/paragraph/8" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/schedule/2/paragraph/8/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>8</ContentsNumber>
<ContentsTitle Generated="true">The general modifications are— (i) references to a provision of...</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="schedule-2-paragraph-9" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/schedule/2/paragraph/9" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/schedule/2/paragraph/9/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>9</ContentsNumber>
<ContentsTitle Generated="true">Article 18 of and Schedule 10 to the IPO 1994...</ContentsTitle>
</ContentsItem>
</ContentsSchedule>
<ContentsSchedule ContentRef="schedule-3" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/schedule/3" RestrictStartDate="2021-07-08" RestrictEndDate="2021-07-08" RestrictExtent="E+W+S+N.I." DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/schedule/3/2021-07-08">
<ContentsNumber>SCHEDULE 3</ContentsNumber>
<ContentsTitle>Further provision about how other legislation applies to companies in special administration</ContentsTitle>
<ContentsItem ContentRef="schedule-3-paragraph-1" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/schedule/3/paragraph/1" RestrictStartDate="2021-07-08" RestrictEndDate="2021-07-08" RestrictExtent="E+W+S+N.I." DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/schedule/3/paragraph/1/2021-07-08">
<ContentsNumber>1</ContentsNumber>
<ContentsTitle>Introduction</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="schedule-3-paragraph-2" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/schedule/3/paragraph/2" RestrictStartDate="2021-07-08" RestrictEndDate="2021-07-08" RestrictExtent="E+W+S+N.I." DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/schedule/3/paragraph/2/2021-07-08">
<ContentsNumber>2</ContentsNumber>
<ContentsTitle>General modifications</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="schedule-3-paragraph-3" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/schedule/3/paragraph/3" RestrictStartDate="2021-07-08" RestrictEndDate="2021-07-08" RestrictExtent="E+W+S+N.I." DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/schedule/3/paragraph/3/2021-07-08">
<ContentsNumber>3</ContentsNumber>
<ContentsTitle Generated="true">References to— (a) a Schedule B1 administrator are to be...</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="schedule-3-paragraph-4" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/schedule/3/paragraph/4" RestrictStartDate="2021-07-08" RestrictEndDate="2021-07-08" RestrictExtent="E+W+S+N.I." DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/schedule/3/paragraph/4/2021-07-08">
<ContentsNumber>4</ContentsNumber>
<ContentsTitle>Pensions Act 2004</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="schedule-3-paragraph-5" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/schedule/3/paragraph/5" RestrictStartDate="2021-07-08" RestrictEndDate="2021-07-08" RestrictExtent="E+W+S+N.I." DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/schedule/3/paragraph/5/2021-07-08">
<ContentsNumber>5</ContentsNumber>
<ContentsTitle>CA 2006</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="schedule-3-paragraph-6" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/schedule/3/paragraph/6" RestrictStartDate="2021-07-08" RestrictEndDate="2021-07-08" RestrictExtent="E+W+S+N.I." DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/schedule/3/paragraph/6/2021-07-08">
<ContentsNumber>6</ContentsNumber>
<ContentsTitle>Land Registration Rules 2003</ContentsTitle>
</ContentsItem>
</ContentsSchedule>
<ContentsSchedule ContentRef="schedule-4" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/schedule/4" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/schedule/4/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>SCHEDULE 4</ContentsNumber>
<ContentsTitle>Consequential amendments</ContentsTitle>
<ContentsPart ContentRef="schedule-4-part-1" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/schedule/4/part/1" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/schedule/4/part/1/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>PART 1</ContentsNumber>
<ContentsTitle>Primary legislation</ContentsTitle>
<ContentsItem ContentRef="schedule-4-paragraph-1" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/schedule/4/paragraph/1" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/schedule/4/paragraph/1/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>1</ContentsNumber>
<ContentsTitle>The Companies Act 1985</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="schedule-4-paragraph-2" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/schedule/4/paragraph/2" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/schedule/4/paragraph/2/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>2</ContentsNumber>
<ContentsTitle>The Finance Act 1986</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="schedule-4-paragraph-3" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/schedule/4/paragraph/3" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/schedule/4/paragraph/3/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>3</ContentsNumber>
<ContentsTitle>The Third Parties (Rights against Insurers) Act 2010</ContentsTitle>
</ContentsItem>
</ContentsPart>
<ContentsPart ContentRef="schedule-4-part-2" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/schedule/4/part/2" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/schedule/4/part/2/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>PART 2</ContentsNumber>
<ContentsTitle>Secondary legislation</ContentsTitle>
<ContentsItem ContentRef="schedule-4-paragraph-4" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/schedule/4/paragraph/4" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/schedule/4/paragraph/4/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>4</ContentsNumber>
<ContentsTitle>The EMR 2011</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="schedule-4-paragraph-5" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/schedule/4/paragraph/5" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/schedule/4/paragraph/5/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>5</ContentsNumber>
<ContentsTitle>The IBSAR 2011</ContentsTitle>
</ContentsItem>
<ContentsItem ContentRef="schedule-4-paragraph-6" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/schedule/4/paragraph/6" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/schedule/4/paragraph/6/2021-07-08" RestrictExtent="E+W+S+N.I.">
<ContentsNumber>6</ContentsNumber>
<ContentsTitle>The PSR 2017</ContentsTitle>
</ContentsItem>
</ContentsPart>
</ContentsSchedule>
</ContentsSchedules>
</Contents>
<Secondary>
<SecondaryPrelims DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/introduction/2021-07-08" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/introduction" RestrictExtent="E+W+S+N.I." RestrictStartDate="2021-07-08">
<Number>2021 No. 716</Number>
<SubjectInformation>
<Subject>
<Title>Financial Services And Markets</Title>
</Subject>
</SubjectInformation>
<Title>The Payment and Electronic Money Institution Insolvency Regulations 2021</Title>
<MadeDate>
<Text>Made</Text>
<DateText>17th June 2021</DateText>
</MadeDate>
<ComingIntoForce>
<Text>Coming into force</Text>
<DateText>8th July 2021</DateText>
</ComingIntoForce>
<SecondaryPreamble>
<IntroductoryText>
<P>
<Text>The Treasury make these Regulations in exercise of the powers conferred by—</Text>
<P3>
<Pnumber>a</Pnumber>
<P3para>
<Text>
sections 233 and 234 of the Banking Act 2009
<FootnoteRef Ref="f00001"/>
as applied and modified by regulation 24A of, and paragraphs 2 and 3 of Schedule 2ZA to, the Electronic Money Regulations 2011
<FootnoteRef Ref="f00002"/>
(“EMR 2011”) and regulation 23A of, and paragraphs 2 and 3 of Schedule 3A to, the Payment Services Regulations 2017
<FootnoteRef Ref="f00003"/>
(“PSR 2017”), and section 259(1) of that Act, and
</Text>
</P3para>
</P3>
<P3>
<Pnumber>b</Pnumber>
<P3para>
<Text>
in respect of regulation
<InternalLink Ref="regulation-49" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/regulation/49" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/regulation/49/2021-07-08">49</InternalLink>
(and regulations
<InternalLink Ref="regulation-1" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/regulation/1" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/regulation/1/2021-07-08">1</InternalLink>
to
<InternalLink Ref="regulation-4" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/regulation/4" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/regulation/4/2021-07-08">4</InternalLink>
so far as they relate to regulation
<InternalLink Ref="regulation-49" IdURI="http://www.legislation.gov.uk/id/uksi/2021/716/regulation/49" DocumentURI="http://www.legislation.gov.uk/uksi/2021/716/regulation/49/2021-07-08">49</InternalLink>
), section 8(1) of, and paragraph 21 of Schedule 7 to, the European Union (Withdrawal) Act 2018
<FootnoteRef Ref="f00004"/>
.
</Text>
</P3para>
</P3>
</P>
<P>
<Text>The Treasury have consulted in accordance with section 235(3) of the Banking Act 2009 as applied and modified by regulation 24A of, and paragraph 4 of Schedule 2ZA to, the EMR 2011 and regulation 23A of, and paragraph 4 of Schedule 3A to, the PSR 2017.</Text>
</P>
</IntroductoryText>
<EnactingText>
<Para>
<Text>A draft of these Regulations has been laid before and approved by a resolution of each House of Parliament in accordance with section 235(2) of the Banking Act 2009 as applied and modified by regulation 24A of, and paragraph 4 of Schedule 2ZA to, the EMR 2011 and regulation 23A of, and paragraph 4 of Schedule 3A to, the PSR 2017, and paragraph 1(3) of Schedule 7 to the European Union (Withdrawal) Act 2018.</Text>
</Para>
</EnactingText>
</SecondaryPreamble>
</SecondaryPrelims>
</Secondary>
<Footnotes>
<Footnote id="f00001">
<FootnoteText>
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2009/1" id="c00006" Class="UnitedKingdomPublicGeneralAct" Year="2009" Number="0001">2009 c. 1</Citation>
.
</Text>
</Para>
</FootnoteText>
</Footnote>
<Footnote id="f00002">
<FootnoteText>
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/uksi/2011/99" id="c00007" Class="UnitedKingdomStatutoryInstrument" Year="2011" Number="0099">S.I. 2011/99</Citation>
. Regulation 24A and Schedule 2ZA were inserted by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2020/1275" id="c00008" Class="UnitedKingdomStatutoryInstrument" Year="2020" Number="1275">S.I. 2020/1275</Citation>
.
</Text>
</Para>
</FootnoteText>
</Footnote>
<Footnote id="f00003">
<FootnoteText>
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/uksi/2017/752" id="c00009" Class="UnitedKingdomStatutoryInstrument" Year="2017" Number="0752">S.I. 2017/752</Citation>
. Regulation 23A and Schedule 3A were inserted by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2020/1275" id="c00010" Class="UnitedKingdomStatutoryInstrument" Year="2020" Number="1275">S.I. 2020/1275</Citation>
.
</Text>
</Para>
</FootnoteText>
</Footnote>
<Footnote id="f00004">
<FootnoteText>
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2018/16" id="c00011" Class="UnitedKingdomPublicGeneralAct" Year="2018" Number="0016">2018 c. 16</Citation>
.
</Text>
</Para>
</FootnoteText>
</Footnote>
</Footnotes>
</Legislation>